Apple's shipments of "Make in India" products increased by 162% in value and 65% in volume in 2022. According to a report by Counterpoint Research, the company's value share increased from 12% in 2021 to 25% in 2022.
Foxconn, Hon Hai, and Wistron were the top two fastest-growing manufacturers among the top 10 in Q4 2022, according to senior research analyst Prachir Singh, who works with Apple's EMS (Electronics Manufacturing Services) partners. Even the PLI incentive was given to these two producers in the most recent payouts.
The survey also shows that shipments of "Make in India" smartphones increased 34% year over year in terms of value.
Shipments of "Make in India" smartphones as a whole did, however, decline by 3% in 2022. According to the research, one of the main causes was the weakening of consumer demand as a result of "macroeconomic headwinds," particularly in the second half of the year. Due to a fall in local demand, particularly in the entry-level and mid-level pricing groups, shipments declined by 19% in Q4 2022.
In the list of "Made in India" smartphone shipments for 2022, Oppo came out on top with a 22% share, followed by Samsung.
Research Director Tarun Pathak said, “Overall, 2022 has been a good year in terms of manufacturing and localization in India. The increasing exports from Apple, Samsung and other OEMs drove the locally manufactured shipments in 2022 and somewhat offset the impact of the local demand decline. The recent disbursement of PLI incentives from the government as well as other initiatives, both at the central and state levels, has boosted the overall local manufacturing."